Core Viewpoint - Chinese home appliance brands are increasingly establishing manufacturing bases in Thailand, leveraging its favorable political environment, supply chain infrastructure, and market potential to enhance their international presence and competitiveness [6][12][16]. Group 1: Company Performance and Strategy - Midea's overseas revenue has significantly increased, with OBM (Own Brand Manufacturing) revenue rising to over 45% of its TO C business in the first three quarters of 2025, contributing to a total revenue of 363.06 billion yuan [3]. - Haier's overseas market revenue reached 79.08 billion yuan in the first half of 2025, marking an 11.7% growth [3]. - Midea has established its largest overseas manufacturing base in Thailand and aims to make it its "second home market" after China [5][6]. Group 2: Market Dynamics in Thailand - The Thai market is experiencing a consumption upgrade, with consumers increasingly favoring high-end appliances, as evidenced by a shift from semi-automatic washing machines to fully automatic models [7][12]. - Chinese brands are gaining market share in Thailand, with Haier leading in air conditioning and Midea achieving top positions in refrigerators and microwaves [10][12]. - The strategic location of manufacturing facilities in Thailand allows companies to efficiently serve both local and international markets, including the U.S. and Europe [6][12]. Group 3: Competitive Advantages - Chinese home appliance companies are noted for their rapid product iteration and responsiveness to market demands, which contrasts with the slower innovation cycles of traditional Japanese and Korean brands [11][12]. - The ability to offer high-quality products at competitive prices is a significant advantage for Chinese brands, as they adapt quickly to local consumer preferences [12][13]. - A multi-brand strategy is emphasized as crucial for capturing both high-end and mid-range markets, allowing companies to maintain a balance between premium pricing and value offerings [13]. Group 4: Challenges and Opportunities - Despite the growth, there is still room for improvement in brand recognition and market penetration, as some consumers still prefer established Japanese brands [14]. - After-sales service is recognized as equally important as product quality, with companies investing significantly in service networks to enhance customer satisfaction [15]. - The ongoing global trade environment, including tariff issues, poses challenges, but localized production in Thailand helps mitigate these risks [16][17].

Group 1: Domestic Demand and Market Outlook - The home appliance sector is expected to show a "high first half and stable second half" trend in 2025, driven by policy continuation and consumption peaks [1] - In the first three quarters of 2025, air conditioner shipments increased by 8.4%, refrigerators by 2.4%, and washing machines by 4.1% year-on-year [1][13] - For 2026, the continuation of subsidies is anticipated to mitigate the impact of high base effects and demand pull-forward, with projected declines in overall appliance sales of -4% to -7.3% under various subsidy scenarios [1][16][19] Group 2: Export Performance and Global Market Trends - Home appliance exports have slowed down due to tariff policies and global supply chain adjustments, but still show resilience and structural highlights [2] - In 2025, the export growth rate for air conditioners is expected to be weaker than that of washing machines and refrigerators, primarily due to adverse weather conditions affecting overseas demand [2][39] - The U.S. market is projected to benefit from a rate cut, which may enhance demand for home appliances, while the European market is expected to maintain a slow recovery [42][44][50] Group 3: Investment Themes - The narrative in the black appliance sector is shifting from "market share chasing" to "profit and pricing power," with Chinese brands like Hisense and TCL expected to convert market share into higher profits [3][55] - White appliances are seen as having strong growth potential due to their historical resilience through cycles, with leading brands like Midea and Haier expected to maintain stable growth and generous dividends [3][83] - The global competition in new consumer products, particularly in smart imaging and robotic vacuum cleaners, is expected to favor Chinese brands, highlighting their competitive advantages [3] Group 4: Financial Metrics and Valuation - As of December 22, 2025, the home appliance sector's PE TTM is 16.27 times, remaining below the 10-year average of 32.8% [7] - The white appliance segment's current PE is 11.22, while black appliances stand at 25.94, indicating varying levels of market valuation [9] - The home appliance sector has seen a decline in public fund holdings, with a heavy allocation of only 2.46% in Q3 2025, reflecting concerns over demand in 2026 [9]

"金智奖"旨在树立高质量发展标杆，引导上市公司聚焦主业、持续创新、践行社会责任，推动资本向优质企业集聚。本届评选中，金融界上市公司研 究院紧密契合"十五五"规划中"提升上市公司质量"的要求，将高质量发展内核分解为社会责任、实业贡献、投资回报、成长前景、创新效率、杰出品 牌六大维度，以企业财务数据和公开信息为基础建立量化分析模型，最终覆盖A股、港股及中概股超8000家企业，评选出近200家获奖企业。 "投资价值上市公司"以资本价值与发展潜力为核心评判标准，聚焦财务健康度、行业赛道前景、核心竞争力、公司治理规范性及可持续发展能力。旨 在树立价值投资标杆，推动行业结构优化，引导市场回归理性投资，构建良性资本市场生态。 12月26日，以"新开局、新动能、新征程"为主题的"启航·2025金融峰会"在北京圆满举办，大会由金融界主办，汇聚来自监管部门、行业协会、金融 机构、上市公司、媒体等领域数百位相关领导和重磅嘉宾。会上，第十四届金融界"金智奖"年度评选结果重磅揭晓，海尔智家荣获"投资价值上市公 司"，是行业唯一获奖的企业。 海尔智家此次斩获该奖项，核心得益于其持续提升的盈利能力、强劲的业务发展韧性以及稳定丰厚的股东回报 ...

Core Viewpoint - The live event by Haier Smart Home showcased the integration of AI technology in smart home scenarios, emphasizing the practicality and potential of smart living environments rather than viewing them as mere trends or "intelligence taxes" [1] Group 1: Smart Home Experience - Haier Smart Home, in collaboration with Zhihu, conducted a live event to demonstrate smart home scenarios, providing a real-life experience from entryways to bedrooms [1] - The event featured a Smart Home Experience Officer guiding viewers through various smart home setups, illustrating the blend of technology and daily life [1] Group 2: AI Technology Integration - The UhomeCar platform allows seamless transition to "home mode" upon arrival, activating home appliances like air conditioning and lighting with a simple voice command [3] - AI-enabled door locks provide quick access through palm vein recognition and customize settings based on family members' profiles [5] - Smart appliances in the kitchen, such as ovens and washing machines, utilize AI to identify food items and adjust washing programs accordingly, enhancing user convenience [5] Group 3: Automation and Convenience - The live event highlighted the concept of "unmanned housekeeping," showcasing how AI technology can automate household tasks through a closed-loop system of sensing, decision-making, and execution [8] - The introduction of the world's first service robot, Haiva, capable of performing various household chores, signifies a step towards making robotic assistance a reality [10] - Haier Smart Home aims to redefine the concept of "home" by creating an environment that is responsive, intelligent, and emotionally aware, moving beyond traditional physical spaces [10]

Market Overview - The white goods sector increased by 0.04% on December 26, with Aucma leading the gains [1] - The Shanghai Composite Index closed at 3963.68, up 0.1%, while the Shenzhen Component Index closed at 13603.89, up 0.54% [1] Stock Performance - Aucma (600336) closed at 8.97, up 4.91% with a trading volume of 521,000 shares and a turnover of 461 million yuan [1] - Midea Group (000333) closed at 78.87, up 0.36% with a trading volume of 214,100 shares and a turnover of 1.688 billion yuan [1] - Hisense Home Appliances (000921) closed at 25.30, up 0.20% with a trading volume of 57,100 shares and a turnover of 145 million yuan [1] - Whirlpool (600983) closed at 9.65, down 0.21% with a trading volume of 16,400 shares and a turnover of 15.846 million yuan [1] - Gree Electric (000651) closed at 40.76, down 0.37% with a trading volume of 259,200 shares and a turnover of 1.057 billion yuan [1] - Haier Smart Home (600690) closed at 26.74, down 0.52% with a trading volume of 250,600 shares and a turnover of 672 million yuan [1] Capital Flow - The white goods sector experienced a net outflow of 218 million yuan from institutional investors, while retail investors saw a net inflow of 60.15 million yuan [1] - Midea Group had a net inflow of 28.86 million yuan from institutional investors, but a net outflow of 41.76 million yuan from retail investors [2] - Aucma saw a net inflow of 5.70 million yuan from institutional investors, with a slight outflow from retail investors [2] - TCL Smart Home (002668) had a net inflow of 1.57 million yuan from institutional investors, while retail investors contributed a net inflow of 914,500 yuan [2] - Haier Smart Home experienced a significant net outflow of 1.05 billion yuan from institutional investors, but a net inflow of 536.78 million yuan from retail investors [2]

国家知识产权局信息显示，海尔优家智能科技（北京）有限公司、青岛海尔科技有限公司、海尔智家股 份有限公司取得一项名为"子网号的确定方法及装置、存储介质及电子装置"的专利，授权公告号 CN115767586B，申请日期为2022年10月。 天眼查资料显示，海尔优家智能科技（北京）有限公司，成立于2015年，位于北京市，是一家以从事科 技推广和应用服务业为主的企业。企业注册资本14300万人民币。通过天眼查大数据分析，海尔优家智 能科技（北京）有限公司参与招投标项目16次，财产线索方面有商标信息1条，专利信息2024条，此外 企业还拥有行政许可2个。 青岛海尔科技有限公司，成立于2000年，位于青岛市，是一家以从事仪器仪表制造业为主的企业。企业 注册资本8000万人民币。通过天眼查大数据分析，青岛海尔科技有限公司参与招投标项目80次，财产线 索方面有商标信息198条，专利信息3868条，此外企业还拥有行政许可7个。 海尔智家股份有限公司，成立于1994年，位于青岛市，是一家以从事电气机械和器材制造业为主的企 业。企业注册资本943811.4893万人民币。通过天眼查大数据分析，海尔智家股份有限公司共对外投资 了59 ...

责任编辑：李思阳 12月26日消息，海尔集团董事局主席、首席执行官周云杰发文表示，今天是海尔创业41周年纪念日， 感谢全球海尔人的并肩奋斗、感谢所有生态伙伴的价值共创！感谢广大用户的信赖和厚爱！感谢社会各 界人士的关心和支持！祝海尔41周岁生日快乐！ 责任编辑：李思阳 12月26日消息，海尔集团董事局主席、首席执行官周云杰发文表示，今天是海尔创业41周年纪念日， 感谢全球海尔人的并肩奋斗、感谢所有生态伙伴的价值共创！感谢广大用户的信赖和厚爱！感谢社会各 界人士的关心和支持！祝海尔41周岁生日快乐！ ...

Core Viewpoint - The report highlights a decline in the production of room air conditioners in China, with a projected decrease of 13.5% in October 2025 compared to the previous year, indicating potential challenges in the air conditioning industry [1]. Industry Overview - According to the National Bureau of Statistics, the cumulative production of room air conditioners in China from January to October 2025 is 23,034.4 million units, reflecting a cumulative growth of 3% [1]. - The report is based on insights from Zhiyan Consulting, a leading industry consulting firm in China, which has been focused on industry research for over a decade [1]. Company Insights - The companies mentioned in the report include Gree Electric Appliances (000651), Midea Group (000333), Haier Smart Home (600690), Hisense Home Appliances (000921), TCL Technology (000100), and Harbin Air Conditioning (600202) [1].

青岛海尔空调器有限总公司，成立于1996年，位于青岛市，是一家以从事电气机械和器材制造业为主的 企业。企业注册资本93638.162532万人民币。通过天眼查大数据分析，青岛海尔空调器有限总公司共对 外投资了20家企业，参与招投标项目4856次，财产线索方面有商标信息259条，专利信息5000条，此外 企业还拥有行政许可19个。 青岛海尔智能技术研发有限公司，成立于2014年，位于青岛市，是一家以从事研究和试验发展为主的企 业。企业注册资本13000万人民币。通过天眼查大数据分析，青岛海尔智能技术研发有限公司共对外投 资了9家企业，参与招投标项目7次，财产线索方面有商标信息22条，专利信息5000条，此外企业还拥有 行政许可4个。 海尔智家股份有限公司，成立于1994年，位于青岛市，是一家以从事电气机械和器材制造业为主的企 业。企业注册资本943811.4893万人民币。通过天眼查大数据分析，海尔智家股份有限公司共对外投资 了59家企业，参与招投标项目1884次，财产线索方面有商标信息285条，专利信息5000条，此外企业还 拥有行政许可10个。 国家知识产权局信息显示，海尔智家股份有限公司取得一项名为"空气 ...

国家知识产权局信息显示，青岛海尔智慧楼宇科技有限公司、青岛海尔空调电子有限公司、青岛海尔空 调器有限总公司、青岛海尔智能技术研发有限公司、海尔智家股份有限公司取得一项名为"电控箱及空 调器"的专利，授权公告号CN119713417B，申请日期为2023年9月。 天眼查资料显示，青岛海尔智慧楼宇科技有限公司，成立于2003年，位于青岛市，是一家以从事通用设 备制造业为主的企业。企业注册资本10000万人民币。通过天眼查大数据分析，青岛海尔智慧楼宇科技 有限公司共对外投资了1家企业，参与招投标项目1031次，专利信息436条，此外企业还拥有行政许可15 个。 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 来源：市场资讯 青岛海尔智能技术研发有限公司，成立于2014年，位于青岛市，是一家以从事研究和试验发展为主的企 业。企业注册资本13000万人民币。通过天眼查大数据分析，青岛海尔智能技术研发有限公司共对外投 资了9家企业，参与招投标项目7次，财产线索方面有商标信息22条，专利信息5000条，此外企业还拥有 行政许可4个。 海尔智家股份有限公司，成立于1994年，位于青 ...